Main reasons to commence your Headley lease extension

Main reasons to start your Headley lease extension today:

A Headley lease depreciates with the years remaining on the lease.

Owning a flat usually means owning a lease of the property, which has a finite term of years. your lease will usually be granted for a fixed period of time , ordinarily 99 or 125 years, although we have seen longer and shorter terms in Headley. Inevitably, the period of lease remaining reduces as time goes by. This is often ignored and only becomes a problem when the property needs to be disposed of or refinanced. The shorter the lease the lower the value of the property and the more it will cost to extend the lease. Eligible long lease owners in Headley have the right to extend the lease for a further ninety years in accordance with the 1993 Leasehold Reform Act. Do give careful attention before putting off your Headley lease extension. Holding off the cost now likely increases the price you will ultimately incur to extend your lease

An extended lease is almost the same value as a freehold

Leasehold residencies in Headley with more than one hundred years remaining on the lease are often regarded as a ‘virtual freehold’. This is where the lease is worth the same as a freehold interest in your property. In such situations there is often little to be gained by buying the reversionary interest unless savings on ground rent and estate charges warrant it.

Lenders will not finance a property with a short lease

Many banks and building societies will not lend on a lease with less than 70 years unexpired - although this varies between mortgage companies. A purchaser will likely find it difficult to obtain a mortgage and this could result in your Headley property becoming difficult to sell or remortgage.

Why use us for your lease extension in Headley?

Lease extensions in Headley can be a difficult process. We recommend you get professional help from a lawyer and valuer with experience in lease extensions.

We provide you with an expert from a selection of lease extension solicitors, which ensures a targeted and efficient service as you have a dedicated port of call with an individual lawyer. Our lease extension solicitors have in-depth market knowledge dealing with Headley lease extensions and further afield, as well as any potential issues which may arise as well as problems with the Leasehold Valuation Tribunal.

Headley Lease Extension Example Cases:

Kelsey, Headley, Surrey,

Off the back of unsuccessful correspondence with the freeholder of her purpose-built apartment in Headley, Kelsey initiated the lease extension process just as her lease was coming close to the crucial 80-year threshold. The transaction was concluded in February 2007. The landlord’s costs were restricted to about 700 pounds.

Headley case:

Mrs Samantha Hernández owned a garden flat in Headley in March 2009. We are asked if we could shed any light on how much (roughly) premium would be to extend the lease by an additional years. Comparable properties in Headley with a long lease were valued around £275,000. The mid-range ground rent payable was £65 collected per annum. The lease terminated on 1 August 2094. Taking into account 68 years left we approximated the premium to the landlord to extend the lease to be within £13,300 and £15,400 not including costs.

Headley case:

Dr U Alexander owned a one bedroom flat in Headley in August 2010. The question was if we could estimate the premium would be to prolong the lease by 90 years. Identical properties in Headley with a long lease were valued about £208,600. The mid-range amount of ground rent was £60 invoiced quarterly. The lease ended in 2083. Considering the 57 years left we estimated the compensation to the freeholder for the lease extension to be within £30,400 and £35,200 exclusive of legals.